Benzinga - Hong Kong stocks opened in the green on Monday, with the benchmark Hang Seng rising over 3% in morning trade, after China eased some of its harsh COVID-19 rules. The country reduced quarantine by two days for those who come in close contact with infected people, and for inbound travelers, and also scrapped a penalty for airlines for bringing in many cases.
| Alibaba (NYSE:BABA) Group Holding Ltd. (NYSE: BABA) | 1.77% |
| JD.com Inc (NASDAQ: JD) | 6.29% |
| Baidu Inc (NASDAQ: NASDAQ:BIDU) | 6.03% |
| Tencent Holdings (HK:0700) Ltd. (OTC: TCEHY) | 2.55% |
| Meituan (OTC: MPNGF) | 1% |
| Nio Inc (NYSE: NIO) | 8.8% |
| XPeng Inc (NYSE: XPEV) | 13.3% |
| Li Auto Inc (NASDAQ: LI) | 2.65% |
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Macro News: Chinese Premier Li Keqiang said the country’s economy has grown 3% over the past three quarters and is stabilizing on an "upward trend" while he vowed to continue supporting the economy with policy measures, reported Reuters.
China reported 14,878 new COVID-19 infections for Nov. 12, which include a record number of new daily cases in Beijing, as well as in manufacturing hubs Guangzhou and Zhengzhou, reported Reuters.
Company News: Alibaba has decided not to disclose full sales results for its Singles’ Day shopping festival for the first time, following forecasts the figure may witness a decline for the first time in the event’s 14-year history, reported Bloomberg.
Apple Inc (NASDAQ: NASDAQ:AAPL) supplier Foxconn Technology Co Ltd (OTC: FXCOF) is looking forward to quadrupling its workforce at its India iPhone factory over two years, reported Reuters, citing sources.
Top Gainers and Losers: Country Garden Services Holdings Company Limited and Longfor Group Holdings Limited are among the top gainers among Hang Seng constituents, having risen over 23% and 20%, respectively. Meituan was the only loser, having shed 0.44%.
Global News: U.S. futures traded in the red on Monday morning Asia session. The Dow Jones futures were down 0.23% while the Nasdaq futures lost 0.45%. The S&P 500 futures were trading lower by 0.27%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was up 0.04%. Japan’s Nikkei 225 traded 0.78% lower while China’s Shanghai Composite index was up by 0.64%. South Korea’s Kospi gained 0.22%.
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